\begin{tabular}{l*{1}{cccc}} \toprule
            &\multicolumn{4}{c}{Baseline} \\ \cmidrule(l){2-5}&            &            &            \\
            &   Sale Prob&    Buy Prob&Seller Value& Buyer Value\\
\hline \multicolumn{5}{c}{Panel A: Baseline} \\ \cmidrule(l){2-5}&            &            &            \\
Bust        &       0.441&       0.802&     185,360&     201,790\\
Medium      &       0.502&       0.729&     198,170&     218,000\\
Boom        &       0.622&       0.724&     203,160&     219,660\\
Total       &       0.524&       0.752&     195,638&     213,166\\
\bottomrule
\hline \multicolumn{5}{c}{Panel B: Flexible Commission Benchmark} \\ \cmidrule(l){2-5}&            &            &            \\
Bust        &       0.462&       0.802&     188,543&     201,790\\
Medium      &       0.522&       0.729&     201,553&     218,000\\
Boom        &       0.638&       0.724&     207,783&     219,660\\
Total       &       0.543&       0.752&     199,344&     213,166\\
\bottomrule
\hline \multicolumn{5}{c}{Panel C: Fixed Commission 1.53\%} \\ \cmidrule(l){2-5}&            &            &            \\
Bust        &       0.458&       0.802&     188,673&     201,790\\
Medium      &       0.517&       0.729&     201,903&     218,000\\
Boom        &       0.634&       0.724&     206,787&     219,660\\
mean        &       0.539&       0.752&     199,203&     213,166\\
\bottomrule
\hline \multicolumn{5}{c}{Panel C: Increased Entry Cost} \\ \cmidrule(l){2-5}&            &            &            \\
Bust        &       0.463&       0.802&     185,870&     201,790\\
Medium      &       0.523&       0.729&     198,990&     218,000\\
Boom        &       0.640&       0.724&     203,777&     219,660\\
Total       &       0.543&       0.752&     196,268&     213,166\\
\bottomrule
\end{tabular}
